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Required information Problem 2-2A (Algo) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [The following information applies to the questions displayed below] Marco Company shows the following costs for three jobs worked on in April. Additional Information a. Raw Materiais Inventory has a March 31 balance of $87,000. b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $380,000. c. Actual overhead costs incurred in April are indirect materials, $58,000; indirect labor, $22,000; factory rent, $36,000; factory utilities, $20,000; and factory equipment depreciation, $56,000. d. Predetemined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $640,000 cash in April. Additional Information a. Raw Materials inventory has a March 31 balance of $87,000. b. Raw materials purchases in April are $500,000, and total factory payroli cost in April is $380.000. c. Actual overhead costs incurred in April are indirect materials, $58,000; indirect labor, $22000; factory rent, factory utilities, $20,000; and factory equipment depreclation, $56,000. d. Predetermined overhead rate is 50% of direct labor cost. Q. Job 306 is sold for $640,000 cash in Aprit. Problem 2-2A (Algo) Part 3 a. Materials purchases (on credit). b. Direct materials used. c. Direct labor used (and paid in cash) and assigned to Work in Process inventory. d. Indirect materials used and assigned to Factory Overhead. e. Indirect labor used (and paid in cash) and assigned to Factory Overhead. f. Owerhead costs applled to Work in Process irventory. 9. Actual other overhead costs incurred (Factory rent and utilites are paid in cash.) h. Transter of jobs 306 and 307 to Finished Goods Inventory. 1. Cost of goods sold for Job 306 . 1. Revenue from the sale of Job 306 received in cash. k. Close underapplied or overapplied overhead to the Cost of coods Sold account. 3. Prepare journal entries for the month of April to record the above transactions. Journal entry worksheet (1) 5 6 7 811 Record the transter of 30b306 and 307 to Finished Goods Inventory. Wote: Enter ietits before credits 3. Prepare journal entries for the month of April to record the above transactions. Journal entry worksheet 3. Prepare journal entries for the month of April to record the above transactions. Journal entry worksheet 3. Prepare journal entiles for the month of April to record the above transadions: Journal entry worksheet 3. Prepare journal entries for the month of Aprii to record the above transactions. Journal entry worksheet 3. Prepare journal entries for the month of April to record the above transactions. Journal entry worksheet 3. Prepare journal entries for the month of April to record the above transactions. Journal entry worksheet 8 a.. 11 Reoord the actual other overhead costs incurred (Factory rent and utilities are paid in cash.) Note: Enter debits before credite 3. Prepare joumal entries for the month of April to record the above transactions. Journal entry worksheet 234567.11 Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. fote: Enter debits before credits 3. Prepare journal entries for the month of April to record the above transactions. Journal entry worksheet 3. Prepare journal entries for the month of April to record the above transactions. Journal entry worksheet \begin{tabular}{lll|l|l|lll} (1) & & 4 & 5 & 6 & 7 & 8 & 9 \end{tabular} 11 Record the revenue from the sale of Job 306 recelved in cash. Note! Enter debtes before aredits. 3. Prepare journal entries for the month of April to record the above transactions. Journal entry worksheet Record the entry to close underapplied or overapplied overhead to the Cost of. Goods sold account. noves Enter debtss before credits
